KUALA LUMPUR, Oct 12 — Opposition Leader Datuk Seri Hamzah Zainudin today alleged that government-linked corporations (GLCs) were being made to operate beyond their core mandates.
While debating Budget 2027, he cited a project to build a hostel for students that he said would be funded by the Retirement Fund Incorporated (KWAP), alleging this practice extended to others such as Petronas, Tenaga Nasional Bhd, and more.
"Too many of them have been used...for example, KWAP's fundamental purpose is to preserve and grow that capital so it can cover future pensions for retirees or those eligible to receive them,” he said during today’s debate.
"So why is the government asking KWAP to go and build student hostels? Where are the financial returns? I am truly bewildered at times."
Prime Minister Datuk Seri Anwar Ibrahim tabled a record RM459 billion federal spending plan for 2027 last Friday, in which he also outlined a RM50 billion from government-linked investment companies, state enterprises and statutory bodies.
Hamzah criticised this today, saying the GLCs should not be involved with industries beyond their own to prevent a loss of focus.